Baby Boomers Face Tough Decision: Ramp Up 401(k) or Pay Off Mortgage?
Robert R. Johnson
Baby Boomers, especially ones getting especially close to retirement, often face a difficult dilemma during this low interest rate environment of whether to pay off their mortgages or boost their retirement funds.
The choice is often not simple to make, because while many people favor being debt free, some employees have fallen behind on their retirement savings, because they started putting money aside later in their career, never increased the initial amount or borrowed against their 401(k)s or IRAs.
Chang, Ellen, "Baby Boomers Face Tough Decision: Ramp Up 401(k) or Pay Off Mortgage?" (2016). In the News. 1365.